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TELUS shareholders decisively approve 1:1 share exchange proposal

Ratification of share exchange proposal scheduled for final court
approval in early November

VANCOUVER, Oct. 17, 2012 /CNW/ - TELUS shareholders have voted strongly
in favour of a proposal to exchange the company's non-voting shares for
common shares on a one-for-one basis.

None of Mason's Capital's four resolutions received the support from
common shareholders required to pass.

TELUS will release detailed voting results later today.

"The outcome of today's shareholder vote is distinctly positive for
TELUS shareholders. Moreover, the result realized exemplifies the
principles of good corporate governance and the fairness of shareholder
democracy in Canada," said Darren Entwistle, TELUS President and CEO.
"We would like to express our gratitude to our shareholders for such
strong support of our proposal. Shareholders made clear their desire to
enhance shareholder value through improved trading liquidity and
augment TELUS' already excellent corporate governance by adopting a
single class of widely held voting shares. Fundamental TELUS investor
views dominated, prevailing over a self-serving hedge fund engaging in
a troubling empty voting trading strategy, negative publicity campaign
and multiple court challenges to try to defeat this proposal for their
own profit."

The final hearing before the B.C. Supreme Court to approve the share
exchange is set for the week of November 5.

Forward looking statement:
This news release contains statements about expected future events of
TELUS that are forward-looking. By their nature, forward-looking
statements require the Company to make assumptions and predictions and
are subject to inherent risks and uncertainties. The market price of
non-voting shares and/or common shares may decline given that share
prices in both classes increased on the announcement of the February
proposal. In addition, there can be no assurance TELUS will win the
appeals commenced by Mason Capital of the two October 15 B.C. Supreme
Court decisions, that there will not be further court challenges, that
the final court order in respect of the Arrangement will be granted,
and that the associated benefits for TELUS shareholders will be
realized. There is significant risk that the forward-looking statements
will not prove to be accurate. Readers are cautioned not to place undue
reliance on forward-looking statements as a number of factors could
cause actual future events to differ materially from that expressed in
the forward-looking statements. Except as required by law, TELUS
disclaims any intention or obligation to update or revise
forward-looking statements.

About TELUS
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications
company in Canada, with $10.6 billion of annual revenue and
12.8 million customer connections including 7.4 million wireless
subscribers, 3.5 million wireline network access lines, 1.3 million
Internet subscribers and 595,000 TELUS TV customers. Led since 2000 by
President and CEO, Darren Entwistle, TELUS provides a wide range of
communications products and services including wireless, data, Internet
protocol (IP), voice, television, entertainment and video.

In support of our philosophy to give where we live, TELUS, our team
members and retirees have contributed more than $260 million to
charitable and not-for-profit organizations and volunteered 4.2 million
hours of service to local communities since 2000. Fourteen TELUS
Community Boards lead TELUS' local philanthropic initiatives. TELUS was
honoured to be named the most outstanding philanthropic corporation
globally for 2010 by the Association of Fundraising Professionals,
becoming the first Canadian company to receive this prestigious
international recognition.